Section 10 in The Bird And Company Limited (Acquisition And Transfer of Undertakings) Act, 1980
10. Duty of persons in charge of management of undertakings of the Company to deliver all assets, etc.-
(1)On the vesting of the management of the undertakings of the Company in a Government company, or on the appointment of a Custodian, all persons in charge of the management of the undertakings of the Company immediately before such vesting or appointment shall be bound to deliver to such Government company, or Custodian, as the case may be, all assets, books of account, registers and other documents in their custody relating to the undertakings of such Company.(2)The Central Government may issue such directions as it may deem desirable in the circumstances of the case to the Government company or the Custodian as to the powers and duties of such Government company, or Custodian and such Government company, or Custodian may also, if it is considered necessary so to do, apply to the Central Government at any time for instructions as to the manner in which the management of the undertakings of the Company shall be conducted or in relation to any other matter arising in the course of such management.(3)The Custodian shall maintain an account of the undertakings of the Company in such form and manner and under such conditions as may be prescribed and the provisions of the Companies Act, 1956 (1 of 1956), shall apply to the audit of the account so maintained as they apply to the audit of the accounts of a company.
